Reinsurance News
Next year will be a challenging time for home and motor insurers. At the same time, consultancy EY has suggested that property catastrophe reinsurance rates need to increase by 50% in 2023 to help combat climate change impact and restore profitabi...
Posted: Dec 22, 2022
Global data analytics provider Verisk, has agreed to acquire Mavera, a Sweden-based insurtech firm with a strong regional presence and established customer base for its personal injury claims management platform. According to the announcement, thi...
Posted: Dec 22, 2022
According to Gallagher Re’s Q3 Florida Market Watch report, the state’s personal property carriers are facing further turmoil this year, with policyholders surplus (PHS) down 23.5% from $12.0Bn to $9.2Bn across the group. Gallagher Re...
Posted: Dec 22, 2022
Great American Insurance Group has appointed Kevin A. Henry as a Divisional Assistant Vice President within its Fidelity / Crime Division. Henry brings over 25 years of experience exclusively in the kidnap and ransom insurance field, towards the r...
Posted: Dec 22, 2022
Life and annuity insurer, American Equity has confirmed that its Board of Directors has reviewed and rejected an unsolicited, non-binding proposal from Prosperity Group Holdings LP, and its principal shareholder, Elliott Investment Management L.P....
Posted: Dec 22, 2022
Roi Amir, CEO of insurtech Sprout.ai, has noted that traditional re/insurers that are able to leverage brand and technology will “be the winners” in 2023 and beyond, as tech start-ups continue to struggle amid a huge drop in funding across industr...
Posted: Dec 21, 2022
The Progressive Corporation has released an update of its incurred property losses from Hurricane Ian, stating that prior to giving effect to reinsurance, its loss and allocated loss adjustment expenses (ALAE) are estimated to be $1 billion. Accor...
Posted: Dec 21, 2022
Reinsurance and financial management holding company FG Financial Group has announced that its reinsurance subsidiary, FGRe, has formed a reinsurance sidecar, FG Re Investors I LLC, to provide collateralised capacity to support its growing reinsur...
Posted: Dec 21, 2022
Ark Insurance Holdings Limited, specialty property and casualty re/insurance subsidiary of White Mountains Insurance Group Ltd., has successfully sponsored a $250 million collateralized reinsurance sidecar, Outrigger Re Ltd. According to the annou...
Posted: Dec 21, 2022
Analysts at Keefe, Bruyette & Woods have said that next year will see modestly better terms and pricing across lines other than catastrophe. This, it said, will driven by a shortfall in catastrophe reinsurance capacity. Pricing, said the firm,...
Posted: Dec 21, 2022
The Board of Placing Platform Limited (PPL) has announced that the next phase of the London Market’s electronic placement platform is set to go live on February 20, 2023. It was reported earlier this year, that the release of the platform had been...
Posted: Dec 21, 2022
Managing General Agent (MGA) Arcadian Risk Capital has appointed Paddy Cole as Senior Vice President, Professional Liability of its Bermuda PL team, where he will work alongside Sally Gibson – EVP Professional Liability. He joins from Markel...
Posted: Dec 21, 2022
A new report from AM Best says that the recent insurance market reforms in Florida mean that long-term relief is drawing nearer, but the state remains buffeted by near-term headwinds. The note follows recent reforms in the state, which Reinsurance...
Posted: Dec 21, 2022
Global reinsurer PartnerRe is planning an expansion into direct lines of insurance program business through MGA relationships in the United States. PartnerRe has secured an AM Best rating for its Bermuda entity PartnerRe Insurance Solutions Bermud...
Posted: Dec 21, 2022
Data from the latest edition of the IVANS Index shows that average premium renewal rates for nearly all major commercial lines of business remain up year over year while month-over-month rates experience continued variability. The November 2022 re...
Posted: Dec 21, 2022
Global reinsurance broker Gallagher Re, is strengthening its Netherlands team with the appointments of Bob Reichenfeld as Managing Director of the Netherlands, and Jord Westerloo as Divisional Director, with effect from January 2, 2023. As Head of...
Posted: Dec 21, 2022
Symetra Financial Corporation, a wholly owned subsidiary of Sumitomo Life Insurance Company, has announced the launch of Symetra Bermuda Re Ltd., which has recently completed its first reinsurance transaction. According to the announcement, the ne...
Posted: Dec 21, 2022
In its December review, Fitch Ratings has suggested that the large global reinsurers peer group’s capitalisation remains strong and that earnings have recovered. Insurers in this peer group include Hannover Re, Lloyd’s, Munich Re, Part...
Posted: Dec 21, 2022
Cayman Islands-based reinsurer, Oxbridge Re Holdings Limited, has announced that Dr. Reuel Ocho has been appointed Head of the company’s special projects division. Oxbridge Re describes Dr. Ocho as a digital innovation, transformation, and blockch...
Posted: Dec 21, 2022
Pool Re has welcomed the UK government’s announcement of its upcoming Protect Duty legislation, also known as Martyn’s Law. In a statement this week, Home Secretary Suella Braverman, set out how the law will seek to improve the safety and security...
Posted: Dec 21, 2022
Alliant Insurance Services, a distributor of diversified insurance products and services, has announced the appointment of CJ Dietzman as Senior Vice President, Cyber Risk. In his new role, Dietzman will be part of the newly created Alliant Cyber,...
Posted: Dec 21, 2022
Korean insurers profitability outlook is likely to be tempered by higher funding costs and capital market volatility, according to a recent report by S&P Global Ratings analysts. According to the report, despite challenges, Korean life insurer...
Posted: Dec 21, 2022
Insurance broker and risk advisor Marsh, has made three new leadership appointments within Marsh Captive Solutions. Lorraine Stack, is succeeding Brian McDonagh – who is retiring from Marsh after 27 years of service – as leader of Mars...
Posted: Dec 21, 2022
The Insurance Regulatory and Development Authority of India (IRDAI) has written to local reinsurers asking them to stop including the burning costs rate published by the Insurance Information Bureau (IIB) for fire and engineering risks in their re...
Posted: Dec 21, 2022
According to Chris Dittman, Head of Florida Strategy for Aon’s Reinsurance Solutions, the state’s reinsurance market is in a period of uncertainty as macroeconomic volatility and changing loss trends alter the supply and demand dynamic, howe...
Posted: Dec 20, 2022